Are you thinking about selling your home? Or maybe it's just time for a renovation but you want to keep future sales potential in mind. Let’s talk about the renovations that will net you the highest return on your investment when it’s time to sell your home, whether that is sooner or later.
You have many options, and what one home needs, another may not, so these upgrades are listed in no particular order. You can choose the ones that best fit your lifestyle and the return that you want to get when it's time to sell your house.
Energy Efficient Renovations
In this day and age, people want to minimize their carbon footprint and are trying to stay green, and making a home more energy efficient is one area that can make a major impact. In addition, I'm sure you've noticed that the cost of hydro has gone up significantly over the last few years, leading people to become more concerned with keeping the costs of heating and cooling the home down as much as possible. Energy efficient renovations can help a homeowner accomplish both of these goals:
- Upgrade insulation
- Replace doors and windows with more energy efficient models
- Install a high efficiency furnace
Now, I don't want you to get too wrapped up in the color scheme of your kitchen – if you ask five different people what color they want their kitchen to be, you're probably going to get six different answers. My suggestion is that while you're going to live there, choose a paint color that makes you happy.
What you don't want is an old, dated kitchen. With older cabinets or ‘70s countertops, people are going to walk right past them, or scroll past your listing on the Internet. Make sure the backsplash is fresh. You want people to come in, stop and see the kitchen, say “Wow, it looks great!” before moving on to the next room.
Painting
The next “renovation” I'd like you to consider is a fresh coat of paint. Painting will go a long way to cover up any dents or dings left in the wall just from living in the home, and there really is no better ROI than painting when it comes to increasing the value of your home for the least amount of money.
Focus on Curb Appeal
Replacing an old garage door can dramatically increase the value of your home. What it really comes down to is curb appeal. What does your home look like and feel like when somebody first pulls up to the front of the house? If they drive up and the first thing they see is a beat up old garage door, it's going to turn them off right away. Freshen that up. At the very least paint it.
In the same vein, I'd like you to consider the front door of the house as well. Updating (or upgrading) the front door area can make the house look fresh and new. I believe that a lot of people determine within the first five to ten seconds of walking up to a house if they like it or not. And a clean, freshly painted front door really goes a long way to setting that first impression. If your door is old and could stand to be replaced, this is another area that gives you some good bang for your buck.
Flooring Replacement
I want you to take a look in your home and if you have carpet, let's have a serious, honest assessment about how those carpets are looking. If you've got old, dirty, tired carpets, people are going to look at them and think, "Oh, I get to replace these carpets now, too." You want, at a minimum, to replace it with newer carpet. Laminate or hardwood floors would be better and would increase the value of your home by more, but they can be more expensive depending upon quality. Replacing your carpet, even with the less expensive stuff, makes the home look clean and well-kept. Builder grade carpet is sufficient. At least when folks come in and they see, "Oh, it's got carpet," at least it's new carpet, and then if they want a different color or type, they can replace it on their own down the road. New carpet contributes to the home being turnkey and it also removes the ability for buyers to use it as a bargaining chip in price negotiations.
Bonus Tip – Keep It Clean
This item is not really a renovation, but it's going to help ensure you get the best price for your home: Keep the home clean. You can do it yourself or you can have it professionally cleaned if you're not up for the challenge, but you need to have the home sparkling clean all the time while it's on the market. Next to painting, believe it or not, making sure the home is shiny and clean is going to give you the best ROI when your home's on the market. Remember, when people are coming through the home, we want them thinking about their family in the home, not thinking about, "Oh man, I have to clean that."
Like I said in the beginning, every home will have its own renovation needs, so you’ll have to decide what is worth it for you to invest your time and money in. The market is always changing and so are the trends, but some upgrades are always going to give you good bang for your buck. Even if you’re not ready to sell yet, you now you know which renovations are going to pay off the most when you do decide to move on. If you’re interested in listing soon, you can contact me for a free home evaluation on what your home is worth now versus what it could be worth after making some upgrades.